Treasurer’s Report – Winter 2017

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Following the passing of our former auditor, Mr Barry Pitt, the Club retained the services of John Hurley of Hurley & Co in North Sydney as our new auditor. By the time this edition of Riding On is published, the audited Financial Statements will have been presented to the membership at the 2017 AGM and are published in this magazine and on the Ulysses Club website.

The audited Profit and Loss Statement shows the same deficit before tax of $126,340 as previously reported in the Autumn Edition #134. The only substantive adjustment to the Profit & Loss Statement was a recalculation of our Income Tax liability that confirmed that the Club should not have to pay any Income Tax this year. The major items of difference compared to 2015 are the Members Subscription income ($53K lower) and the result for the AGM Event ($152K lower). On the expenditure side, there was reasonable overall cost control.

 

It must be emphasised that this adjustment, whilst reducing members’ equity, cannot be considered as a loss to the Club.

Maurice Blackburn Lawyers

The auditor was comfortable with the change in methodology relating to Member Subscriptions in Advance that led to the $509,010 transfer from Reserves evident in the audited Statement of Changes in Equity.

This adjustment followed a thorough analysis of the Membership Register and the dates when members joined or renewed their membership. The former methodology resulted in a member’s 3 year subscription being amortised over one year only. This boosted reported surpluses but left the value retained to meet future needs severely depleted. Subscriptions in Advance now reflects the true value of the subscriptions to be held to cover future operations.

It must be emphasised that this adjustment, whilst reducing members’ equity, cannot be considered as a loss to the Club. It is a transfer from one liability account to another which redresses an error that resulted in the surpluses and equity being inadvertently inflated. It does not affect the assets of the Club.

The publishing deadline for this edition does not coincide with the schedule for the bi-monthly accounts, so the only available current year results cover the first two months of the year to the end of February. The YTD surplus of $14,615 was unfavourable against a budgeted surplus of $19,704 but this was mainly due to the late receipt of $7,272 in scheduled sponsorship payments that were received in early March. Expenses for the period were favourably under budget by $5,792 but this will be impacted in April by a backdated wages payment of $3,260.

I have worked my way through the Branch Financial Returns that I have on hand, whether sent by email or hard copy. The presentation of information has varied depending on whether a Branch uses Admin Bandit or not and is generally of a good standard. The requirements for both scenarios are set out in the Guide for Branch Treasurers which is available under Documents in the Members section of the website. I have processed the first batch of GST refunds to the relevant Branches, but I would ask any Branch Treasurer who believes that they are still expecting a refund to contact me. Again I issue a reminder to those Branches whose returns are still outstanding.

 

I want to thank our membership, the staff of the National Admin Office and my fellow NatCom members for their patience with me as I have grown into the demands of the Treasurer’s role.

It was a very busy time as I prepared for my first NatCom meeting at Wauchope in March. The wide scope of topics covered in the agenda meant a large amount of background reading to familiarise myself with the substance of ongoing and new discussions – the paperless office is a long way off for me! A highlight for me was meeting the hardworking 2017 AGM Event team and putting a face to people to whom I have spoken and with whom I have exchanged many emails. It was a pleasure to socialise with them at dinner on Saturday night, and I sincerely hope that their efforts are rewarded by the membership registering and participating in the week-long AGM event.

There has been a steady build-up of financial & contractual activity as we approach the 2017 AGM Event. Finishing touches have been applied to many contracts and agreements by the AGM Event team and most of them come across my desk. A steady stream of contract deposits and reimbursements are now being paid as well as the Club’s usual operating expenses - no shortage of bean counting!

I want to thank our membership, the staff of the National Admin Office and my fellow NatCom members for their patience with me as I have grown into the demands of the Treasurer’s role. I have greatly appreciated the help, advice and messages of support while I filled this casual vacancy.

By the time this edition is published, the AGM Event at Port Macquarie/Wauchope will have been conducted, a newly elected National Committee will be in place and I will be on my way around Australia by motorbike before returning to Melbourne, the Yarra Ranges Branch and my ongoing role as one of the managers on the 2019 Mornington AGM Event Committee.

I hope to see you on the road.

National Treasurer
Kevin White #53524

It was a very busy time as I prepared for my first NatCom meeting at Wauchope in March. The wide scope of topics covered in the agenda meant a large amount of background reading to familiarise myself with the substance of ongoing and new discussions – the paperless office is a long way off for me! A highlight for me was meeting the hardworking 2017 AGM Event team and putting a face to people to whom I have spoken and with whom I have exchanged many emails. It was a pleasure to socialise with them at dinner on Saturday night, and I sincerely hope that their efforts are rewarded by the membership registering and participating in the week-long AGM event.

There has been a steady build-up of financial & contractual activity as we approach the 2017 AGM Event. Finishing touches have been applied to many contracts and agreements by the AGM Event team and most of them come across my desk. A steady stream of contract deposits and reimbursements are now being paid as well as the Club’s usual operating expenses - no shortage of bean counting!

I want to thank our membership, the staff of the National Admin Office and my fellow NatCom members for their patience with me as I have grown into the demands of the Treasurer’s role. I have greatly appreciated the help, advice and messages of support while I filled this casual vacancy.

By the time this edition is published, the AGM Event at Port Macquarie/Wauchope will have been conducted, a newly elected National Committee will be in place and I will be on my way around Australia by motorbike before returning to Melbourne, the Yarra Ranges Branch and my ongoing role as one of the managers on the 2019 Mornington AGM Event Committee.

I hope to see you on the road.

National Treasurer
Kevin White #53524

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